Modern Dubai, More Than a Mirage in the Desert
Dubai is often referred to as the quintessential home of sand, sun and shopping. Only a century ago, it was a sleepy desert town whose residents lived in coral and gypsum huts and were primarily Bedouin traders and pearl divers.
Today science-fiction skyscrapers stand alongside the mosques and wind towers of Old Dubai. Construction cranes dot the horizon like an odd flock of birds. And Mercedes glide past on ultra-modern highways alongside sand dunes where camels once trotted.
What Sparked Dubai's Sudden Growth?
May 2002 will go down in the history of Dubai real estate as the month that 
Sheik Mohammed bin Rashid al-Maktoum changed all that when he issued a decree allowing non-nationals to buy and sell property in selected developments. Dubai quickly became one of the world's most appealing foreign investments.
Almost immediately, developers began planning and building. And why not? Dubai offered a stable economy, zero property and income tax, and an unmatched standard of living.
It's been only a few years since the Sheik's decree, and Dubai has become the number one emerging market today. An estimated $80 billion of real-estate projects are now underway in Dubai.
Dubai's Leaders Think Big
In developing Dubai, the city's leaders have again and again proved they can think out of the box. Every problem has become an opportunity for them to show the world that anything is possible in Dubai.
Running out of coastline to build hotels? Build vast artificial islands with 90 square miles of new beachfront.
Need better connections with the world? Build up an award-winning international airport in 15 years.
Need some publicity? Stage the world's richest horse race, million-dollar lotteries, international tennis and golf tournaments, and a month-long shopping festival.
Need a few landmarks for people to recognize? Up goes the world's tallest and most lavish hotel (the only seven-star hotel in the world) and a city skyline to boggle the eye.
Dubai as World-Class Tourist Destination
Part of Dubai's appeal to investors is its central location. It lies on the 
With its ideal location, Dubai is increasingly becoming the premier tourist destination of the region. Over the past decade, the number of visitors to Dubai has grown from 1.08 million to 5.4 million, representing an annual growth of 16%.
This growth rate is more than triple the world tourism growth rate over the same period. In fact, the last five years alone witnessed a 54% growth in the numbers of tourists visiting Dubai.
Forecasting 200,000 visitors a day, Dubai is being designed to attract and accommodate 15 million visitors a year from 2010 onwards.
Building of Infrastructure Underway
Dubai's crown prince Sheikh Mohammed bin Rashid al-Maktoum continues to lead his country on the path of aggressive growth, recognizing the role that government must play.
"The government works on developing the infrastructure and providing an environment that encourages the growth of business, and gives a chance for the private sector to benefit from the large investment opportunities that it creates. What's good for business is good for Dubai," he said.
His government has launched dozens of initiatives to attract business and talent. These include ports and shipping initiatives, a favorable tax environment, a stunning airport and customer-focused public agencies.
Recent government projects also include Dubai Internet City and Dubai Media City, two business development zones created to attract international firms and cultivate regional talent. Dubai's initiatives have drawn the likes of CNN, Microsoft, IBM, Oracle, Pepsi and many others.
A recent report on Dubai's economy by the National Bank of Dubai shows that $15 billion worth of investments was pumped into the real estate and construction sector in Dubai over the past three years. What's more, the report estimates that a further $50 billion worth of investment will be drawn into the sector between 2005 and 2010.
Dubai Has International Appeal
Modern Dubai is home to a cosmopolitan population that has more than 140 nationalities. Almost three-fourths of its estimated three million population is comprised of expatriates from all over the world, making it a true melting pot of cultures. Arabic and English are the dominant languages.
Residents of Dubai enjoy a clean, modern, crime-free city. It has some of the best healthcare, education and leisure facilities in the Middle East. And it has a history of economic and political stability.
For visitors, it offers world-class hotels, restaurants, beaches, shopping and tourist attractions. Its internationally-renowned sports facilities include golf, tennis, water sports, horse riding, dune driving, sand skiing and the world's first indoor snow skiing.
An Impressive Growth Rate
Dubai's gross domestic product (GDP) grew 16.7% in 2004 and showed strong solid growth throughout 2005 with a deliberate lessening of dependence on oil sectors.
The growth occurred in the construction sector, trade, tourism, services, banking and aviation. The accumulated annual growth of Dubai's economy in the last decade has averaged 10%, making it the highest growth rate in the world.
Big Plans for the Future
According to Mohammad Ali Al Abbar, director-general of the Dubai Department of Economic Development, Dubai's growth will continue throughout 2006 and 2007, supported by the high level of confidence in the local economy by investors from inside and outside the region.
He also said the government's commitment to develop and enhance business with major public and private sector partnerships would provide new opportunities for growth and investment.
Sheik Mohammed also sees great things for Dubai's future. He isn't shy - or modest - in sounding the call for Dubai investors. "I would like to tell capitalists" he said, "that Dubai does not need investors; investors need Dubai."
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